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Apr 4, 2017
04/17
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deficit. in any case we saw two decades of currency manipulation by china had marginal effect on share of manufacturing jobs in the economy blues my best counsel is to remember one thing, trade is not an adversarial phenomenon. it involves voluntary exchanges. people trade, it only occurs when both sides benefit. >> thank you very much. with discussions around the panelists, most people, getting lost in details of the balance of the statement isn't what's they are worried about. do trade deficits go with less employment and less economic growth in the united states. the trade deficit figures in the midst of an economic boom, what does history tell us about relationship between trade deficits in economic growth, trade deficits and overall employment? >> i tweeted a picture of us growth, and the correlation is close to 0 and not significant and exactly for the reasons stated, in really good times, high high demand and import a lot, might be importing intermediates going to the production, and tr
deficit. in any case we saw two decades of currency manipulation by china had marginal effect on share of manufacturing jobs in the economy blues my best counsel is to remember one thing, trade is not an adversarial phenomenon. it involves voluntary exchanges. people trade, it only occurs when both sides benefit. >> thank you very much. with discussions around the panelists, most people, getting lost in details of the balance of the statement isn't what's they are worried about. do trade...
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Jul 11, 2020
07/20
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dick cheney's deficits matter, my argument throughout my work is that deficits matter but not in the way that we have been taught to believe that they matter. we have been taught earlier that they are inherently dangerous, undesirable, things you do in times of crisis because you have no choice like but that in more normal times deficits are things that we should be avoiding. they should strike balanced budgets and avoid increasing the debt, so i walk flu the book a variety of ways in which deficits matter and one matter way is every deficit is good for someone. that is the reality and so when you see the republicans passing the huge tax cuts at the end of 2017, these were massive tax cuts knowing they would massively increase deficits. if they knew they were dangerous and all the bad things were going to happen and future grandchildren, they wouldn't do that. the reality is that the republicans understand perfectly well that every deficit is good for someone, what they did was to massively cut taxes on corporations and the wealthiest people in this country, 83% of the benefits went
dick cheney's deficits matter, my argument throughout my work is that deficits matter but not in the way that we have been taught to believe that they matter. we have been taught earlier that they are inherently dangerous, undesirable, things you do in times of crisis because you have no choice like but that in more normal times deficits are things that we should be avoiding. they should strike balanced budgets and avoid increasing the debt, so i walk flu the book a variety of ways in which...
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Jun 7, 2022
06/22
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>> the deficit projection from last july to this one is higher. >> but that isn't a deficit reduction. the $2.78 trillion deficit in 2021 was the second highest in the history of america driven in large part by his unpaid for $2 trillion american rescue plan. is that correct? >> the emergency spending during the pandemic including the american rescue plan drove the deficit last year that is correct. >> so the fiscal year 2,221.2 trillion is only because last year the inflationary to trillion dollar american rescue plan drove the government spending to 30.5% of gdp. 10% higher than the historical average. the latest budget proposes annual deficit averages 1.6 trillionli a year. the director, in february of 2021 the baseline showed 61 trillion in governmenttr spending over the next ten years. you now say it will be 72 trillion, correct? >> yes. that is correct over the next ten years. >> so will eventually in higher. >> so in february 21 the baseline showed over 12 trillion in deficit. you are now say it will be close to 16 trillion in deficits, correct? >> yes. that is correct. >> so,
>> the deficit projection from last july to this one is higher. >> but that isn't a deficit reduction. the $2.78 trillion deficit in 2021 was the second highest in the history of america driven in large part by his unpaid for $2 trillion american rescue plan. is that correct? >> the emergency spending during the pandemic including the american rescue plan drove the deficit last year that is correct. >> so the fiscal year 2,221.2 trillion is only because last year the...
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Jul 5, 2020
07/20
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eye 17
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with deficits to the right very real deficits. they're pressing in many ways so you are right for me, i look at the federal budget as a world document. there are elected officials. they get to write budget the determines where financial resources will be dedicated and to what end. in my view anyway, our elected officials are there to act in the interest of a broad majority the people of this country. and if the people of this country indicate that they want everybody to have health gary for example, i think that congress should be looking for ways, real resources so that we can deliver that material will well-being to people. the easiest part of any agenda is finding the money. that is the easiest part. that challenge is how many of our nations real productive resources, how many of our workers, how many people, how much of our factories, many machines, much real resources do we want directed to producing public goods, health, infrastructure education, and those sorts of things and how much do we want to leave to the private secto
with deficits to the right very real deficits. they're pressing in many ways so you are right for me, i look at the federal budget as a world document. there are elected officials. they get to write budget the determines where financial resources will be dedicated and to what end. in my view anyway, our elected officials are there to act in the interest of a broad majority the people of this country. and if the people of this country indicate that they want everybody to have health gary for...
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Jun 28, 2011
06/11
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run a deficit. when we provide overax the cowealthiest people in thish country and choose not to offset those tax breaks we've run up aa deficit. when we passed a medicare part b prescription drug program written by the companies and tha not allow medicare to negotiate prescription drug prices and inn the cost and thus far more than it should, 400 billion over a tenure peorriod, and we don't py when we told military spending e since 1997, not including the war mechem iraq and afghanistan and we don't pay for that, we've run up the deficit. now mr. president, i always find it amusing when some of my flo republican colleagues come downf here on the floor and lectureere some of us about how serious thl deficit is and how serious the national debt is and yetf ironically many of us voted thec against those proposals which cause the deficit crisis that we are in right now and i did a lot of attention during the debate i d in theon't war in iraq.friends i don't recall many of our friends on the republican
run a deficit. when we provide overax the cowealthiest people in thish country and choose not to offset those tax breaks we've run up aa deficit. when we passed a medicare part b prescription drug program written by the companies and tha not allow medicare to negotiate prescription drug prices and inn the cost and thus far more than it should, 400 billion over a tenure peorriod, and we don't py when we told military spending e since 1997, not including the war mechem iraq and afghanistan and we...
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Mar 22, 2023
03/23
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had a deficit of $984 billion. still too much. 2022, 1 .3, $1.37 trillion. 2023 projected to be over 1.5 trillion. the presidential budget now is projecting 1.8 trillion. from 1.3 to 1.5 to 1.8, how do you plan to reduce the deficit? how do you claim that? dir. young: easily, we talk about 10 budget windows. looking at 2033 the presidential budget would bring down deficits by $3 trillion, nearly $3 trillion, 2.9. sen. johnson: again, year-to-year. most people looking at it look at your on your. 1.3 trillion to 1.6 trillion to 1.8? you are actually increasing the deficit by $300 billion in 2024. you are increasing the deficit. by the way, that's a massive deficit. what do you think is sparking inflation? causing the fed to cause a run on the banks? at what point do you acknowledge the harm that this massive spending deficit is causing the economy? it's not recognized in your 2024 budget. dir. young: i hope we all realize that inflation is a global phenomenon. the u.k. doesn't have the same laws as the united states
had a deficit of $984 billion. still too much. 2022, 1 .3, $1.37 trillion. 2023 projected to be over 1.5 trillion. the presidential budget now is projecting 1.8 trillion. from 1.3 to 1.5 to 1.8, how do you plan to reduce the deficit? how do you claim that? dir. young: easily, we talk about 10 budget windows. looking at 2033 the presidential budget would bring down deficits by $3 trillion, nearly $3 trillion, 2.9. sen. johnson: again, year-to-year. most people looking at it look at your on your....
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Feb 10, 2010
02/10
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the recovery act added to the short-term deficits than estimated 1.3 to $1.2 trillion the deficit was already swollen by the recession and by the bush administration's on the budgets and bailouts. according to the cbo the recovery act has made a difference in their recommend recovery ashtray is to gdp by 1.3 to three-point represented points in the second half of 2009 and increased employment by as many as 1.6 million jobs. as recently as january a year ago, their economies was not growing, it was drinking and contracting by 4.54% alone. 741,000 workers lost their jobs in january of 2009. by contrast in the last quarter of 2009 economy grew by 5.7% job losses averaging 69,000. from the start of the obama administration has realized that under your garden's it would be impossible for brest the deficit down how by moving the economy up. and that's why the president bush -- president's budget for 2011 has objective. of one eye on the economy and the other eye on the deficit. we brought back from the brink with too many americans still feeling the recession and author covered. and no one
the recovery act added to the short-term deficits than estimated 1.3 to $1.2 trillion the deficit was already swollen by the recession and by the bush administration's on the budgets and bailouts. according to the cbo the recovery act has made a difference in their recommend recovery ashtray is to gdp by 1.3 to three-point represented points in the second half of 2009 and increased employment by as many as 1.6 million jobs. as recently as january a year ago, their economies was not growing, it...
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Feb 16, 2011
02/11
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our deficits are too high. they are unsustainable and left unaddressed, these deficits will hurt economic growth and make us weaker as a nation. we have to restore fiscal responsibility and go back to living within our means. the president's budget cuts the deficit he inherited in half as a share of the economy by the end of his first term. these cuts are phased over time so that we protect the recovery. in order to make it possible for us to invest in future growth and to restore fiscal sustainability, the president proposes to reduce nonsecurity discretionary spending to its lowest level as a share of the economy since dwight eisenhower was president. to achieve this, the budget proposes a 5-year freeze of annual nonsecurity discretionary spending at its 2010 level. and this will reduce the deficit by more than $400 billion over the next at the point years. the president also proposes to reduce a request for defense spending to freeze civil service salaries, to improve efficiency in government services throug
our deficits are too high. they are unsustainable and left unaddressed, these deficits will hurt economic growth and make us weaker as a nation. we have to restore fiscal responsibility and go back to living within our means. the president's budget cuts the deficit he inherited in half as a share of the economy by the end of his first term. these cuts are phased over time so that we protect the recovery. in order to make it possible for us to invest in future growth and to restore fiscal...
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Jan 5, 2018
01/18
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trillion deficit by 2027. that's basically the cost of continuing on our current path with these tax cuts, with extenders, , with the light obamacare taxes, with sequestered relief. i didn't assumed it would be continued disasters each year, although i don't think it's unreasonable to assume that would be further deficit increases as result of future disaster on top of this. so to trillion dollar deficits is where we're headed. under something very close to current law, current law but in the blood will be headed to trillion dollar deficits next year, to trillion dollar deficits within a decade. that's not something we've ever faced before. the highest deficits we've had was 1.4 trillion in the heat of the great recession, and a lot of that was one-time payment we recouped, fannie mae, freddie mac, tarp, things like that. so what does this mean to jet to gdp? it's already higher than any of the event since world war ii. it's already about twice the stork average. even prior to the tax cuts, debt to gdp was ris
trillion deficit by 2027. that's basically the cost of continuing on our current path with these tax cuts, with extenders, , with the light obamacare taxes, with sequestered relief. i didn't assumed it would be continued disasters each year, although i don't think it's unreasonable to assume that would be further deficit increases as result of future disaster on top of this. so to trillion dollar deficits is where we're headed. under something very close to current law, current law but in the...
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0.0
Jun 8, 2022
06/22
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i want to say i'm not celebrating the trillion dollar deficit which is one of the highest deficits we've ever had. only in washington. i wanted to first ask you, if we talk about the issue of inflation and multitude of impact it has. you know, we talk about the fact that the fed is now in an effort to combat inflation, has begun raising interest rates and expectations, they will continue to do so. so, you-- the cbo projects that a net interest team on the debt will be the 8.1 trillion over 10 years and that would be 1.9 trillion higher than previously or due to the increase in inflation that's projected. that in my mind is, you know, money that especially wasted because we have to -- we have to pay because the rate of inflation increase. i wonder, as we talk about inflation and certainly, our priority as representatives is the price that our citizens are incurring when they go to the park, when they go to the grocery store, et cetera. what is the delta, if you have one, on increased costs of running our government and the government buying everything due to this inflation that if inflati
i want to say i'm not celebrating the trillion dollar deficit which is one of the highest deficits we've ever had. only in washington. i wanted to first ask you, if we talk about the issue of inflation and multitude of impact it has. you know, we talk about the fact that the fed is now in an effort to combat inflation, has begun raising interest rates and expectations, they will continue to do so. so, you-- the cbo projects that a net interest team on the debt will be the 8.1 trillion over 10...
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Mar 20, 2015
03/15
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, deficit neutral reserve fund. we need to invest billions of dollars in energy efficiency, weatherization and sustainable energy. so her amendment is exactly the right thing but we have to go beyond a deficit neutral reserve fund. >> next would be senator baldwin. >> thank you, chairman enzi. i would like to bring up the baldwin amendment to strike section 405 of the budget resolution. this amendment is also cosponsored by senator warner. it is very simple. it would strike section 405 of the chairman's mark which eliminated a point of order against reconciliation legislation that would increase the deficit or reduce a surplus. . . >> thank you. i think those of us who have been on this committee for some time remember senator conrad. this is the reason they called it the conrad row. it was put in if memory serves correctly, against the wishes of many on our side. it simply said if you are going to use reconciliation, he wants to use these extraordinary rules let's stay true to the purpose which ought to be about th
, deficit neutral reserve fund. we need to invest billions of dollars in energy efficiency, weatherization and sustainable energy. so her amendment is exactly the right thing but we have to go beyond a deficit neutral reserve fund. >> next would be senator baldwin. >> thank you, chairman enzi. i would like to bring up the baldwin amendment to strike section 405 of the budget resolution. this amendment is also cosponsored by senator warner. it is very simple. it would strike section...
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Nov 30, 2017
11/17
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eye 19
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they care about deficits. they care passionately, they care deeply about deficits when the democrats are in charge 678. but when they're in charge, do they care about deficits? somehow or another they can turn a blind eye to their own actions which lead to exploding deficits. and there it is, ladies and gentlemen. that's the hypocrisy, the tribute that hypocrisy has to pay to virtue. they have to say the right things about the deficit. they have to say this isn't going to lead to exploding additional debt for our country. but every single economic analysis of this bill going back to the 1981 tax breaks, because it's all the same play, a trojan horse to give the tax breaks to the wealthiest people in our country. that's what david stockman actually said in 1985 in his famous book, "the triumph of politics." when he looked back at the 1981 huge tax breaks for corporations and for the wealthy he said actually the whole thing was a trojan horse to get the tax breaks for the 1% percentile. he was honest about it in
they care about deficits. they care passionately, they care deeply about deficits when the democrats are in charge 678. but when they're in charge, do they care about deficits? somehow or another they can turn a blind eye to their own actions which lead to exploding deficits. and there it is, ladies and gentlemen. that's the hypocrisy, the tribute that hypocrisy has to pay to virtue. they have to say the right things about the deficit. they have to say this isn't going to lead to exploding...
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Nov 21, 2011
11/11
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how quickly should deficit reduction be implemented? what form should deficit reduction take? let me take up these questions briefly in turn. first, regarding the amount of deficit reduction, there is no commonly agreed upon level of federal debt that is sustainable or optimal under cbo's current law baseline, debts held by the public is projected to fall from 67% of gdp this year to 61% in 2021. however, stabilizing the debt at that level would still leave it larger than any year between 1953 and 2009. lawmakers might determine the debt should be reduced to amounts lower than those shown in cbo's baseline and closer to those we've experienced in the past. that would reduce the burden of debt on the economy, relieve some of the long-term pressures on the budget, diminish the risk of a fiscal crisis and enhance the government's flexibility to respond to unanticipated developments. of course, it would also require a larger amount of deficit reduction. furthermore, lawmakers might decide that some of the current policies scheduled to expire under current law should be continued.
how quickly should deficit reduction be implemented? what form should deficit reduction take? let me take up these questions briefly in turn. first, regarding the amount of deficit reduction, there is no commonly agreed upon level of federal debt that is sustainable or optimal under cbo's current law baseline, debts held by the public is projected to fall from 67% of gdp this year to 61% in 2021. however, stabilizing the debt at that level would still leave it larger than any year between 1953...
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Mar 6, 2017
03/17
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oven, when exports exceedimports, that's a trade deficit. but if we are able to reduce our trade deficit through tough, smart negotiations, we should be able to increase our growth rate. let me give you an example. suppose the u.s. success any negotiates bilateral trade deals with germany and mexico this year. and as a key part of the term sheet, each country agrees to purchase more products from the united states than it now purchases from the the rest of the world. this would show up in the government data as increased u.s. exports, a decreased trade deficit and an increase in u.s.. gdp growth. at the same time, if the u.s. uses its leverage as the world's largest market to persuade india to reduce its no to have yously high -- no record yously -- notoriously high tariffs and japan, we will sure hi sell more washington apples, florida origin toes, california wine and wisconsin cheese and harley davidson motorcycles. just as surely, we will see our trade deficit fall, our growth increase and real wage levels rise from seattle and orlando to
oven, when exports exceedimports, that's a trade deficit. but if we are able to reduce our trade deficit through tough, smart negotiations, we should be able to increase our growth rate. let me give you an example. suppose the u.s. success any negotiates bilateral trade deals with germany and mexico this year. and as a key part of the term sheet, each country agrees to purchase more products from the united states than it now purchases from the the rest of the world. this would show up in the...
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106
Feb 15, 2012
02/12
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this year's deficit will be the fourth consecutive deficit in excess of $1 trillion. meanwhile, medicare and social security for which the president proposes no reforms will comet on the path of insolvency, and if this was not bad enough, no serious solution to the serious problem, the white house dlitly misrepresented the budget to the american people. the intent seems to be to lull them into complacency and claims his budget achieves $4 trillion in deficit reduction over ten years. i guess we should all relax. .. avoiding short-term cuts in favor of long-term savings so that is the mantra and the chairman mentioned it but there are no spending cuts, short or long in this budget. now the chief of staff me another false claim this weekend saying that the democratic senate is not doing a budget for the third straight year because it requires 60 senate votes. the law is clearly only takes 61 votes to pass the budget and if the republicans get the honor by the american people to leave this chamber next year we will pass a budget and will be an honest budget and will chan
this year's deficit will be the fourth consecutive deficit in excess of $1 trillion. meanwhile, medicare and social security for which the president proposes no reforms will comet on the path of insolvency, and if this was not bad enough, no serious solution to the serious problem, the white house dlitly misrepresented the budget to the american people. the intent seems to be to lull them into complacency and claims his budget achieves $4 trillion in deficit reduction over ten years. i guess we...
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Mar 21, 2013
03/13
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and to created big deficits. and then the onslaught of the great recession in 2008 pushed our deficits even higher. and today, today only one-eighth of the revenues lost by the bush tax cuts have been restored. one-eighth. one-eighth. yet many of the republicans keep repeating their mantra that we only have a spending problem, only a spending problem, not a revenue problem. this is demonstrably not the case. now, we go back in time when i was here when president reagan pushed through some tax cuts when he came in as president, but i would say to his credit, he realized they went too far so he reversed course and supported two income tax increases. well, in looking back just 12 years ago, president george w. bush's tax cuts also went too far. again, contributing to the largest deficit in our history. well, you'd think that we would want to reverse course, but republicans have dogmatically refused to reverse course on these -- on increasing revenues. they stick to their ideological man travment they say, don't touc
and to created big deficits. and then the onslaught of the great recession in 2008 pushed our deficits even higher. and today, today only one-eighth of the revenues lost by the bush tax cuts have been restored. one-eighth. one-eighth. yet many of the republicans keep repeating their mantra that we only have a spending problem, only a spending problem, not a revenue problem. this is demonstrably not the case. now, we go back in time when i was here when president reagan pushed through some tax...
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0.0
May 1, 2023
05/23
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@ yes, the deficit, the deficit has gone from three down to about $1 trillion. that's coming off covid problem is next to deficit your annual deficit t is not the debt this all continues to grow in fact yet has grown under this administration but it's not just as you go quite a ways this is been going on for a long time and some of the programs we have on the books today be honest with you such as social security and medicare created many years ago the roosevelt administration, johnson administration, even under expansion of the food stamp program under nixon administration, n,those programs are all the books they are creating a draw on our spending so this is a combination of number of policies will republican democrats over the years it's a not one estrogen is for a level of debt we have today is a culmination of many years of policies we've established a or currently pay for our expenditures on an annual basis. >> all on screen you mentioned washington post did nine key moments of the national debt and is things like the bush tax wars in iraq a afghanistan, m
@ yes, the deficit, the deficit has gone from three down to about $1 trillion. that's coming off covid problem is next to deficit your annual deficit t is not the debt this all continues to grow in fact yet has grown under this administration but it's not just as you go quite a ways this is been going on for a long time and some of the programs we have on the books today be honest with you such as social security and medicare created many years ago the roosevelt administration, johnson...
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Jan 27, 2010
01/10
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that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by the end of this fiscal year, or 60% of gdp, the largest burden of debt since the early 1950s. looking beyond this fiscal year can, the budget outlook is daunting. again under current law, cbo projects the deficit will drop to about 3% of gdp by 2013 but remain in that neighborhood through 2020. by that point, interest payments alone would cost more than $700 billion per year. moreover, maintaining the policies embodied in current law that underlie these projections will not be easy. it would mean, for example, allowing all of the tax cuts enacted in 2001 and 2003 to expire in 2011 as scheduled a
that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by...
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Apr 13, 2011
04/11
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eye 74
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d except more deficits. point the president made the point that tax reductions in 2001 and in 2003 added tremendously to defi the deficit that he inherited orrt of the the part of the deficit that no success so. but in fact the tax reductions of 2001 and 2003 resulted in more revenue.nomy the expanding economy spurred by the tax relief act of 2001 and 2003 to reduce the annual budget deficit from four injured 4 billion in 2004 to $160 billion in 2007. cause we not because we tax more, but because we tax less and have more economic activity as a result of it which brings me around to the principal of deficit-reduction. obviously when i use the word ofr that a dollar additional taxes bottom doesn't go to the bottom line the that doesn't do anything thatditure s deficit. but on the expenditure side fro m reducing fat and the economic growth that comes from it is what reduces the deficit.. more economic activity. even the most sincere argumentsefic that raising taxes would reduce d the deficit and the debt doesn
d except more deficits. point the president made the point that tax reductions in 2001 and in 2003 added tremendously to defi the deficit that he inherited orrt of the the part of the deficit that no success so. but in fact the tax reductions of 2001 and 2003 resulted in more revenue.nomy the expanding economy spurred by the tax relief act of 2001 and 2003 to reduce the annual budget deficit from four injured 4 billion in 2004 to $160 billion in 2007. cause we not because we tax more, but...
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Feb 21, 2017
02/17
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eye 23
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so deficit. so that makes the difference but even half a percentage point isn't enough to balance the budget essentially in 10 years. >> let me go to another topic. let's go to figure number two, please pick one of the most troubling aspects of our cbo's outlook is the low rate of labor workforce participation. that rate stands at 62.7% come close to a 40 year low and cbo expects this to continue to decline over the next decade which is just really disappointing. the ongoing retirement of baby boomers generation plays a key role that cbo also says government policies are exacerbating the trend. is it correct the labor force is a key component of economic growth, and how large does that role-play quick second to that is what are some of the policies that do affect of this and how do they create incentives for work? >> i think if you look at the long-rulong run growth of the e, long-run health of the economy, you can look at two different things. you can look at labor force growth and productivity
so deficit. so that makes the difference but even half a percentage point isn't enough to balance the budget essentially in 10 years. >> let me go to another topic. let's go to figure number two, please pick one of the most troubling aspects of our cbo's outlook is the low rate of labor workforce participation. that rate stands at 62.7% come close to a 40 year low and cbo expects this to continue to decline over the next decade which is just really disappointing. the ongoing retirement of...
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Feb 16, 2011
02/11
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well if you're really serious about the deficit, not just spending but serious about the deficit overall, in part of what you have to look at is unjustifiable spending through the tax code, through tax breaks that do not make us more competitive, do not create jobs here in the united states of america and the two examples you cite most economists would look at and it might say these are not contributing our long-term economic growth, and if they are not, why are we letting some folks pay lower taxes than other folks creating jobs in the united states and are investing? why are we not investing in the energy sources of the future, just the ones in the past, particularly the energy sources of the past are highly profitable right now and don't need the tax break. so, i think what may have changed is if we are going to get serious about deficit reduction and debt reduction, then we've got to look at all the sources of deficit and debt. we can't be just trying to pick and choose and get 100% of the week. the same is true for democrats. there are some provisions in this budget that are hard fo
well if you're really serious about the deficit, not just spending but serious about the deficit overall, in part of what you have to look at is unjustifiable spending through the tax code, through tax breaks that do not make us more competitive, do not create jobs here in the united states of america and the two examples you cite most economists would look at and it might say these are not contributing our long-term economic growth, and if they are not, why are we letting some folks pay lower...
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Jan 28, 2010
01/10
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that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by the end of this fiscal year, or 60% of gdp, the largest burden of debt since the early 1950s. looking beyond this fiscal year can, the budget outlook is daunting. again under current law, cbo projects the deficit will drop to about 3% of gdp by 2013 but remain in that neighborhood through 2020. by that point, interest payments alone would cost more than $700 billion per year. moreover, maintaining the policies embodied in current law that underlie these projections will not be easy. it would mean, for example, allowing all of the tax cuts enacted in 2001 and 2003 to expire in 2011 as scheduled a
that deficit would be only slightly smaller than last year's deficit which was the largest as a share of gdp since world war ii. we expect that revenues will grow modestly this year, primarily because we expect a slow pace of economic recovery. we expect that outlays will be about even with last year's level as a decline in federal aid to the financial sector is offset by increases in spending from the stimulus program and for other purposes. debt held by the public will reach $8.8 trillion by...
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Jun 16, 2009
06/09
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for his deficits. that's twice, and we haven't gotten to the end of the fiscal year yet. what the c.b.o. projects and this is our own congressional budget office numbers and they're running the tale of how much w we are -- the tally of hw much we are spending and they estimate $1.8 trillion for the deficit by the end of the year. that is about four times the highest deficit president bush ever had. i just say that because people say, well, president bush had deficits too. yes, he did. a lot of that was not justified in my opinion but we never had deficits like this in the history of the american republic. and you have to borrow this money. so this is in march. by sent 30th, we're looking at a deficit of $1.8 trillion this year alone and the whole debt of the american republic since the founding is $5.7 trillion before this year's start. now, what is thahat -- a third d one year? and i would say this. we had hoped the spending and this activity would help improve the unemployment rate but as you can see
for his deficits. that's twice, and we haven't gotten to the end of the fiscal year yet. what the c.b.o. projects and this is our own congressional budget office numbers and they're running the tale of how much w we are -- the tally of hw much we are spending and they estimate $1.8 trillion for the deficit by the end of the year. that is about four times the highest deficit president bush ever had. i just say that because people say, well, president bush had deficits too. yes, he did. a lot of...
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0.0
May 1, 2023
05/23
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if you go back and add up all the deficit and the debt is the cumulation of lack of deficits from the beginning of the republic today today. >> i'm showing on my computer the u.s. debt clock which is ticking away,ng going up but currently show ago $31.7 trillion, with a t, national debt. let's go to the phone lines. first up we have naomi calling from maryland on the democratic line. what's your question or comment? >> good morning and thank you for taking my call. i've heard from some republicans and mr. trump who i'm not in favor of increased the deficit tremendously during his president and reduced deficit despite the war in ukraine and despite covid, despite a tremendous thing going on of things in the world. and take part in it and you need to support ukraine and need to do anything that we can at this point for democracy under assault and it was under assault on january 6, there's no disputing that. tremendous fears related to i don't see that happens but should that occur, even if he should run i think we're going to have major problems regarding election denial again and was p
if you go back and add up all the deficit and the debt is the cumulation of lack of deficits from the beginning of the republic today today. >> i'm showing on my computer the u.s. debt clock which is ticking away,ng going up but currently show ago $31.7 trillion, with a t, national debt. let's go to the phone lines. first up we have naomi calling from maryland on the democratic line. what's your question or comment? >> good morning and thank you for taking my call. i've heard from...
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Jan 29, 2011
01/11
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deficit. we should not - on our obligation to care for the poor and vulnerable persons in our society. we shouldn't forsake our responsibility to care for disabled citizens, and we shouldn't neglect on the investment in the public health infrastructure which we all benefit from and if necessary to ensure our communities are healthy. they are established if roosevelt's moodie wind johnson's great society and demonstrate compassion that makes our nation great and separates us as separating the sheep from goats because we care for these. at the time when a nation is recovering from the deepest recession of our lifetime, it is unwise to cut spending and raise taxes. however, if we must cut spending, the last thing that we should cut is the nation's safety net at the time when the four americans rely upon the safety net for their very survival. to be clear, we must protect medicaid and chip. medicaid is only 7% of the budget and provides health care from 19% of the population and almost half of the
deficit. we should not - on our obligation to care for the poor and vulnerable persons in our society. we shouldn't forsake our responsibility to care for disabled citizens, and we shouldn't neglect on the investment in the public health infrastructure which we all benefit from and if necessary to ensure our communities are healthy. they are established if roosevelt's moodie wind johnson's great society and demonstrate compassion that makes our nation great and separates us as separating the...
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Sep 27, 2013
09/13
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reduction the policies to use in the deficits and the timing of deficit reduction. economic analysis does not say what the optimal amount of federal debt is nor what the right amounts of federal spending and revenues are but a significant reduction in debt from its current gdp would require substantial changes in tax policies spending policies or both. as an illustration applied to bring debt down to 31% of gdp in 2038 a little below its 40 year average using policies that phased in over the next decade to having to enact a combination of increases in revenues and cuts in spending relative to the current law totaling $4 trillion during the coming decade. inciting have quickly to reduce the deficit he faced difficult trade-offs again. waiting to cut federal spending or increase taxes would lead to greater accumulation of debt and increase the size of the policy adjustments needed to achieve any debt target. however implementing spending cuts or tax increases quickly would weaken the economic expansion. the negative short-term effects of deficit reduction on output an
reduction the policies to use in the deficits and the timing of deficit reduction. economic analysis does not say what the optimal amount of federal debt is nor what the right amounts of federal spending and revenues are but a significant reduction in debt from its current gdp would require substantial changes in tax policies spending policies or both. as an illustration applied to bring debt down to 31% of gdp in 2038 a little below its 40 year average using policies that phased in over the...
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Jul 17, 2014
07/14
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in addition actual deficits, not just projected deficits but actual deficits have fallen dramatically from 1.4 chilean dollars in fiscal year 2002 less than $600 billion today and are expected to continue shrinking as a share of the economy in the near future. as the congressional budget office's long-term report makes clear the deficit will begin growing again in the long term and the question mr. chairman has never been whether we need to reduce long-term deficits. the question has always been how we do it. as i look at the choices in this report it's clear the only rational way to tackle the long-term deficit is through the balanced approach that president obama and congressional democrats have been proposing for years, combination of cuts but also cuts to special-interest tax breaks and other tax expenditures. unfortunately we do not have a partner when it comes to closing tax breaks and loopholes for the purpose of reducing the deficit. our republican colleagues continue to refuse to close a single tax break including those that encourage american companies to move jobs and capit
in addition actual deficits, not just projected deficits but actual deficits have fallen dramatically from 1.4 chilean dollars in fiscal year 2002 less than $600 billion today and are expected to continue shrinking as a share of the economy in the near future. as the congressional budget office's long-term report makes clear the deficit will begin growing again in the long term and the question mr. chairman has never been whether we need to reduce long-term deficits. the question has always...
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Sep 22, 2015
09/15
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they left ontario in a massive deficit, british columbia and a massive deficit. alberta's deficit has gotten larger sense they took office. bit of saskatchewan in a deficit because tax hikes do not grow the economy. they kill jobs and hurt revenue. we don't want to go down that path. mr. trudeau says we will have greater spending more. we don't measure a bubble of optimism through level of spending. we make sure we make investments with the things we need as we are doing here at infrastructure, training, innovation in the way we can continue to afford without raising taxes by having a balance budget. .. the former and chair of the bank of canada, a list of the former parliamentary budget officers. there are many people who have said now is the time to invest and that's exactly what the liberals are going to do. not because we're cheery and optimistic up because when the countries that believe in the future are willing to invest in their future. >> where the largest infrastructure investment in history right now including major public transit announcements includi
they left ontario in a massive deficit, british columbia and a massive deficit. alberta's deficit has gotten larger sense they took office. bit of saskatchewan in a deficit because tax hikes do not grow the economy. they kill jobs and hurt revenue. we don't want to go down that path. mr. trudeau says we will have greater spending more. we don't measure a bubble of optimism through level of spending. we make sure we make investments with the things we need as we are doing here at infrastructure,...
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Nov 11, 2010
11/10
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a budget deficit and a public trust deficit. we cannot solve the first without addressing the second. so the questions before the commission remains clear. while we listened to the american people, what together to get our country back on track. we say everything is on the table, does not include the health care a lot and are we willing to make the tough choices needed to restore a budget to past levels of spending and revenue that are consistent with robust economic growth. i certainly hope the answer to each of these questions is yes. and i pledge to my fellow commissioner and my constituents of the american people that i'm ready to listen and ready to help find solutions to her spending problems. let me close with just one final thought. i'm the only member on this commission from michigan. over the last four years, my home state has led the nation in a very -- actually the worst possible way. the highest unemployment in the country. in my district alone in five counties dangerously close to 20% unemployment appears above or
a budget deficit and a public trust deficit. we cannot solve the first without addressing the second. so the questions before the commission remains clear. while we listened to the american people, what together to get our country back on track. we say everything is on the table, does not include the health care a lot and are we willing to make the tough choices needed to restore a budget to past levels of spending and revenue that are consistent with robust economic growth. i certainly hope...
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Dec 5, 2012
12/12
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last year the deficit was 7.9%. this year with the apf coupons it is forecast to be 6.9%, but that excludes the aspect of the royal mail pension access. it will fall to 5.2% the year after, 4.2 president in 2015-'16, before reaching 1.6% in 2017-'18. in 2009-'10 the country was borrowing 159 billion pounds. this year we are borrowing 108 billion pounds. that is forecast to fall to 99 billion next year, 88 billion the year after, then 73 billion in 2015-'16 and 49 billion and 31 billion in the two years around that. these are the central forecasts published by the opr with the asset purchase facility cash transfer included. when the transfer is excluded, as we show in the document, the deficit also falls from 7.9% last year to 7.7% this year, then 6.9% next year and falls in every single year after that. and cash borrowing falls in every year as well. now, there are those who have been saying that the deficit was going up this year. indeed, i think i heard it in prime minister's questions. but any way you present the
last year the deficit was 7.9%. this year with the apf coupons it is forecast to be 6.9%, but that excludes the aspect of the royal mail pension access. it will fall to 5.2% the year after, 4.2 president in 2015-'16, before reaching 1.6% in 2017-'18. in 2009-'10 the country was borrowing 159 billion pounds. this year we are borrowing 108 billion pounds. that is forecast to fall to 99 billion next year, 88 billion the year after, then 73 billion in 2015-'16 and 49 billion and 31 billion in the...
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Aug 1, 2011
08/11
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than the budget deficit. they are more concerned about the jobs deficit. 25 million people out of work. in a recent cbs news/"new york times" poll, 53% of the public polled named the jobs and economy as the most important problem, while only 7% named the deficit. so, mr. president, i oppose this misbegotten, misguided deal that they have conjured up in return for raising the debt ceiling. i don't oppose raising the debt ceiling. i want to make that clear. i believe we have an obligation, a constitutional obligation to pay our debts and to make good on our debts as we have done since the revolutionary war. what i am objecting to is the deal that was put together in order to permit us to perform our constitutional obligation. i oppose it for four reasons. reason number one is that this deal will destroy millions of jobs as i have said in both the public and private sector, and by shutting off federal funding and investment, a critical engine sustaining our sputtering economy, it could easily plunge america back
than the budget deficit. they are more concerned about the jobs deficit. 25 million people out of work. in a recent cbs news/"new york times" poll, 53% of the public polled named the jobs and economy as the most important problem, while only 7% named the deficit. so, mr. president, i oppose this misbegotten, misguided deal that they have conjured up in return for raising the debt ceiling. i don't oppose raising the debt ceiling. i want to make that clear. i believe we have an...
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0.0
May 9, 2023
05/23
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the deal was for reducing the deficit, only for reducing the deficit, we will create a filibuster free path. you might recall there was intense supporters of a filibuster and every single one of them said to decrease the deficit we will have a filibuster free pathway. that held for 20 years. you have all as expert in this area welcome what happened to what happened is 1996. in 1996 you have the gingrich revolution and we had essentially a series of bills, one of them a line item veto bill that was struck down by the supreme court. we had a debate over a balanced budget amendment and that fell one vote short in the senate from passing, and failed, and at that point the senate pivoted, the senate leadership pivoted at that point and said let's do a massive revenue cut, a tax cut. democrats said no and so the republicans in this body so you know what? lets use that filibuster free pathway from 1974 and proceeded to ask the parliamentarian for a ruling that instead of using that filibuster free pathway for deficit reduction they could use it for tax cuts that would increase the deficit and
the deal was for reducing the deficit, only for reducing the deficit, we will create a filibuster free path. you might recall there was intense supporters of a filibuster and every single one of them said to decrease the deficit we will have a filibuster free pathway. that held for 20 years. you have all as expert in this area welcome what happened to what happened is 1996. in 1996 you have the gingrich revolution and we had essentially a series of bills, one of them a line item veto bill that...
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Sep 21, 2011
09/11
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or reducing the deficit. >> that is right. >> thank you. >> thank you very much. we have gone through our first round and i appreciate everyone keeping it concise. i have to make a small change at this time. the house is going to be having votes at approximately 1:00. there are 12 of us and the time is very short. unless somebody throws something that may i will limit each of us to two minutes in the final round. i ask everybody to keep it to that time frame. dr. elmendorf, let me just ask as you have talked about it long term but reports from january, cbo included an analysis on the impact of lower than expected economic growth on the federal budget. i want to ask you what does cbo estimate the impact on the deficit projections in the near term and over the next ten years if gdp growth continues to weaken beyond what is reflected in the current estimate? >> a weaker economy implies worst outcomes because tax revenues fall and extra spending and entitlement programs we talked about a moment ago. we have not done quantitative estimates of other scenarios beyond wha
or reducing the deficit. >> that is right. >> thank you. >> thank you very much. we have gone through our first round and i appreciate everyone keeping it concise. i have to make a small change at this time. the house is going to be having votes at approximately 1:00. there are 12 of us and the time is very short. unless somebody throws something that may i will limit each of us to two minutes in the final round. i ask everybody to keep it to that time frame. dr. elmendorf,...
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Feb 5, 2014
02/14
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, we will see rising deficits. it is important to point out that your findings show that right now our deficits are dropping and will continue to drop for the next couple of years, but as more baby boomers retire and more people on medicare, social security, spending was let go, isn't that right? >> that's right. there will be one-third more people collecting a decade from now that are doing so today. whatever the benefit is per person, multiply that by a much larger number of people, the overall cost of rice very sharply. that's right. >> we're talking tens of millions of people. i believe in the range of additional 30 plus many more people on medicare. and just the people who are following this understand, this is not because they're increasing the medicare benefits. this is just more people coming into the system. this is a demographic change, is that right? >> yes, that's right. >> that's a big driver. now, our republican colleagues say those deficits concerned them. however, they are only willing to look at th
, we will see rising deficits. it is important to point out that your findings show that right now our deficits are dropping and will continue to drop for the next couple of years, but as more baby boomers retire and more people on medicare, social security, spending was let go, isn't that right? >> that's right. there will be one-third more people collecting a decade from now that are doing so today. whatever the benefit is per person, multiply that by a much larger number of people, the...
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Aug 1, 2011
08/11
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i have been for deficit reduction. i have voted for fair approaches to deficit reduction. i know fairness, but this deal, mr. president, is not fair and i will not support it. with that, mr. president, i yield the floor, observe the absence of a quorum. the presiding officer: the clerk will call the mr. president? the presiding officer: the senator from connecticut. mr. lieberman: mr. president, i ask unanimous consent that further proceedings under the quorum call be dispensed with. the presiding officer: without objection. mr. lieberman: i thank the chair. mr. president, i rise to speak on the proposed debt crisis agreement. the first thing i'd like to do is to express my appreciation, i think i'd actually say empathy, to the president, vice president, the bipartisan leadership of both houses of congress that have had to deal with this enormously significant and difficult problem for our federal government, because the obvious fact is that we have worked our way into a very deep hole of debt and when i say "we" i mean we, all of us. succeeding presidents of different par
i have been for deficit reduction. i have voted for fair approaches to deficit reduction. i know fairness, but this deal, mr. president, is not fair and i will not support it. with that, mr. president, i yield the floor, observe the absence of a quorum. the presiding officer: the clerk will call the mr. president? the presiding officer: the senator from connecticut. mr. lieberman: mr. president, i ask unanimous consent that further proceedings under the quorum call be dispensed with. the...
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Nov 28, 2017
11/17
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we have got to pay attention to the debt and deficit. it needs to be a part of our ongoing conversation. we release this resource as a set of ideas. if we are going to manage our economy and our spending better there are specific ways to do it. there are essential things we need to be able to spend money on transportation national defense disaster relief, things that are essential for us to be able to do. for us to be able to afford to do those things we have got to be able to pay better attention to other things so we set the cell. let me set up the of context free up to their certain things we want to be able to put into perspective for this. this is not just a central set of ideas. they are actually illustrations to a larger set of issues. if we are going to have straightforward solutions it will start with fixing process things beginning with the budget budget. the budget process was created in 1974. only work four times since 1974 but he was created to give us greater transparency and it's provided greater complexity and then very d
we have got to pay attention to the debt and deficit. it needs to be a part of our ongoing conversation. we release this resource as a set of ideas. if we are going to manage our economy and our spending better there are specific ways to do it. there are essential things we need to be able to spend money on transportation national defense disaster relief, things that are essential for us to be able to do. for us to be able to afford to do those things we have got to be able to pay better...
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122
Aug 2, 2011
08/11
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during the reagan administration deficits exploded. deficits averaged $200 billion a year. during the first bush administration the deficits got worse and ended up in the range of $200 billion a year. president clinton inherited deficits of $200 billion a year but you can see by the last four years of his administration he was in the black. the budgets were balanced and for two or three of those years he actually stopped using social security money to fund government operations. then we see what happened in the second bush administration. deficits absolutely exploded. absolutely exploded. the second bush administration was by far the worst in the record of deficits and debt of any of these administrations. by far the best was the clinton administration. we can look at it a different way. this chart shows in dollar terms what happened to the deck. you see the reagan administration. the debt more than doubled. the bush administration to get much further. the clinton administration actually started bringing down the debt, paying off the debt during the clinton administration.
during the reagan administration deficits exploded. deficits averaged $200 billion a year. during the first bush administration the deficits got worse and ended up in the range of $200 billion a year. president clinton inherited deficits of $200 billion a year but you can see by the last four years of his administration he was in the black. the budgets were balanced and for two or three of those years he actually stopped using social security money to fund government operations. then we see...
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1.4K
May 3, 2016
05/16
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Mar 30, 2022
03/22
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that contributed a lot to find deficits. we're not spending that anymore, they're taking credit for reduction in deficits that are pandemic related. and then lastly on the ugly side, there is no mandatory spending increase proposals. there's a lot of spending increases talked about in the narrative but there's no reform reproach and we need to keep this in mind because the trust fund for medicare will be depleted in 2024 and social security will be in the early 2030s so there's a lot in this budget that is in a narrative framework and it's important to think about this what is it supposed to do and it has two main functions. it assesses the priorities of the administration and how the government spends money it's also messaging about what the administration values and what its priorities are and that's a political statement so it's both a political document and in budget for spending. >> the good, the bad, the ugly we love to hear what viewers think. phone lines as usual democrats 202-748-8000, republicans 202 48 8001, jason
that contributed a lot to find deficits. we're not spending that anymore, they're taking credit for reduction in deficits that are pandemic related. and then lastly on the ugly side, there is no mandatory spending increase proposals. there's a lot of spending increases talked about in the narrative but there's no reform reproach and we need to keep this in mind because the trust fund for medicare will be depleted in 2024 and social security will be in the early 2030s so there's a lot in this...
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Jun 26, 2009
06/09
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other deficit reduction actions are going to have to be enacted. this is a good reason to focus the search for pay-fors in areas that are related to health. taxes on sugary soft drinks, taxes on alcohol, capping the tax inclusion on employee sponsored premiums and flexible spending accounts and cuts related directly to medicare and medicaid fit the bill. if health reform is paid for through savings from nonhealth-related parts of the budget, we can expect that when policymakers return to the issue of how we deal with our long-run fiscal future, how we cut the deficit, they are going to -- they are going to inevitably come back and whack whatever is done in health reform, which would not be constructive especially to a new policy trying to get off the ground. finally, everyone should be aware that there is a world audience for health reform and this audience isn't particularly concerned about universal coverage or the quality of healthcare. it's interested in the course of the u.s. deficit and what health reform might do to the borrowing needs of ou
other deficit reduction actions are going to have to be enacted. this is a good reason to focus the search for pay-fors in areas that are related to health. taxes on sugary soft drinks, taxes on alcohol, capping the tax inclusion on employee sponsored premiums and flexible spending accounts and cuts related directly to medicare and medicaid fit the bill. if health reform is paid for through savings from nonhealth-related parts of the budget, we can expect that when policymakers return to the...
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Jun 30, 2009
06/09
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the bottom line of all of this is that our deficits are soaring. cbo estimated that for the currents fiscal year, we will have a deficit of around $1.8 trillion, or 13% of gdp, which is over twice as large as any deficit we have experienced since the end of world war ii. in percent of gdp terms. looking at fiscal 2010, the next year, doesn't look a whole lot better. a deficit of something on the order of $1.4 trillion or 10% of gd perform and even looking out over the full ten-year period, the cbo projections of what the president's policies will entail, are pretty, pretty bleak. the specter of a financial disaster is no longer two or three decades away. in short, the wolf is -- if the wolf is not at the door, we should look for him in the foyer. [laughter]. >> all of this points -- all of it puts the fiscal imperative front and center as we consider the size and the shape of fundamental health reform. in contrast to 1994, this time around, we have to ask how can reform contribute to a broad effort to bring future deficits down? this is no mean fea
the bottom line of all of this is that our deficits are soaring. cbo estimated that for the currents fiscal year, we will have a deficit of around $1.8 trillion, or 13% of gdp, which is over twice as large as any deficit we have experienced since the end of world war ii. in percent of gdp terms. looking at fiscal 2010, the next year, doesn't look a whole lot better. a deficit of something on the order of $1.4 trillion or 10% of gd perform and even looking out over the full ten-year period, the...
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Jul 22, 2017
07/17
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trade balance and reduce the trade deficit with the nafta countries there is a very small deficit with canada if you have the surplus in the deficit it is awash it is true there is a trade deficit but the number one objective is in the introduction that explains of where they're going. the new nafta is modernized to reflect 21st century standards with america's persistent trade imbalance in north america. so the president has told his team these are your marching orders so how do you lose a $60 billion trade deficit with mexico? ic three ways you can adjust one is tariffs or quotas or managed trade i look at the impending nafta negotiations it will be difficult to space the president's objectives if you take $60 billion out that is usually a significant. now lost my train of thought . as these discussions go for rehab be overhanging of immigration if anyone thinks who will pay for the wall and immigration practices in general i don't think you'll understand the dynamics of mexico and here in the southwest. so i will bring this to a conclusion so if you work for members on the hill you
trade balance and reduce the trade deficit with the nafta countries there is a very small deficit with canada if you have the surplus in the deficit it is awash it is true there is a trade deficit but the number one objective is in the introduction that explains of where they're going. the new nafta is modernized to reflect 21st century standards with america's persistent trade imbalance in north america. so the president has told his team these are your marching orders so how do you lose a $60...
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166
Jul 12, 2011
07/11
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def $1.3 trillion in deficit savingo according to cbo. mr. president, in conclusion,w f the overview of the budgethat framework that we are offering our colleagues for their $ consideration provides $4 trillion in deficit reductios over ten years. it's actually 5 trillion if measured on the same basis as the fiscal commission.hat we we have adopted what we think is a more plausible baseline int light of things that haveed s happened so far this year. still lies the debt by 2014, tht deficit to 2.5% of gdp by 2015 and 1.3% by 2021. tax r but tax reform that simplifieso, that goes after offshore tax havens and tax shelters and previews fairness and we rejectt the house gop plan to end the to medicare as we know it andwe prt protect education, energy andins infrastructure investments.ic we have balance the deficit and debt reduction plans, cuttinging spending by about $2 trillion, providing additional revenue by about $2 trillion. as let me conclude as i began by r saying ourev revenue plan woulds scored by the congressional budget office as bei
def $1.3 trillion in deficit savingo according to cbo. mr. president, in conclusion,w f the overview of the budgethat framework that we are offering our colleagues for their $ consideration provides $4 trillion in deficit reductios over ten years. it's actually 5 trillion if measured on the same basis as the fiscal commission.hat we we have adopted what we think is a more plausible baseline int light of things that haveed s happened so far this year. still lies the debt by 2014, tht deficit to...
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Oct 19, 2017
10/17
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but if there's going to be a deficit, an actual deficit, we should vote for it. put your convictions where your votes are. we're also, we're going to also make our republican colleagues vote to whether they want to raise taxes on the middle class. the president claims his tax plan will cut taxes, but it actually will raise them on millions of hardworking families. today our republican colleagues will decide whether they want to support those tax increases or protect the middle class from paying more taxes. and we're going to make our republican colleagues vote on their specific proposal to eliminate the state and local deduction. nearly a third of all taxpayers take the deduction, red states, blue states, everyone in between. as the chairman of the finance committee knows, 35% of utahans take the state and local deduction. it goes right to the heart of the middle class and upper middle class giving families tens of thousands of dollars in deductions so their taxes are lower. the elimination of state and local deductibility is the surest sign that the g.o.p. tax p
but if there's going to be a deficit, an actual deficit, we should vote for it. put your convictions where your votes are. we're also, we're going to also make our republican colleagues vote to whether they want to raise taxes on the middle class. the president claims his tax plan will cut taxes, but it actually will raise them on millions of hardworking families. today our republican colleagues will decide whether they want to support those tax increases or protect the middle class from paying...
95
95
Jul 11, 2011
07/11
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the lowest deficit almost half, again, higher than president bush's highest deficit. and it starts going up in the out years eight nine and ten to back to over $1 trillion in the tenth year annual deficit. interest on that debt that would be accrued by such an irresponsible budget would go from around $200 billion last year or 240-some-odd this year to $940 billion in one year. that would be larger than medicare larger than social security larger than the defense budget, including the war. much larger than those. so interest is a danger. now, senator conrad talked this afternoon about his phantom budget and he told us a lot of things he wanted us to know about it, and he articulated in a way that made you think that's not such a bad idea, but we've got real number people, just like president obama said his budget was going to pay down the debt and cause us to live within our means when it had no deficit lower than $740 billion. so he said it's a blueprint. he said it's a framework. he didn't say it was a budget, because it's not a budget. a budget is a document that c
the lowest deficit almost half, again, higher than president bush's highest deficit. and it starts going up in the out years eight nine and ten to back to over $1 trillion in the tenth year annual deficit. interest on that debt that would be accrued by such an irresponsible budget would go from around $200 billion last year or 240-some-odd this year to $940 billion in one year. that would be larger than medicare larger than social security larger than the defense budget, including the war. much...
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0.0
Oct 18, 2017
10/17
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and blows a huge hole in the deficit. as i said, deficit hawks. and finally, favors the very wealthy. my friend here was once head of the club for growth. i salute him. he states his position. he believes tax cuts on the very wealthy and on big corporations will create jobs. we can have that debate. it's called trickle-down economics. but he's honest about it. some of the others -- our secretary of the treasury, our advisors to the president, many in this chamber saying this is a middle-class tax cut, when 80% of the benefits go to the top 1%, when we remove the estate tax which doesn't apply to anyone whose it estate is less than close to $11 million. it's a tax cut for the wealthy. some people believe that's a good way to exercise policy. the american people don't. but let's debate it that way. our republican colleagues, just like on health care, are ashamed of this bill. they can't debate it on what they really believe. and so they put up these chimera s. they sort of make it up. no, we won't have a deficit. there will be huge growth. i think t
and blows a huge hole in the deficit. as i said, deficit hawks. and finally, favors the very wealthy. my friend here was once head of the club for growth. i salute him. he states his position. he believes tax cuts on the very wealthy and on big corporations will create jobs. we can have that debate. it's called trickle-down economics. but he's honest about it. some of the others -- our secretary of the treasury, our advisors to the president, many in this chamber saying this is a middle-class...
15
15
Sep 24, 2020
09/20
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debt and deficit matter. cbo warns that our rising debt will leave future generations with higher interest rates, lower incomes and a greater chance of a fiscal crisis which will lead to more painful options while we try to address it. we cannot continue running trillion dollar annual deficit forever. the longer we wait, the more severe the challenge is and challenges will be in the fewer options we have. i look forward to hearing from our witness today and there is no person representing the other side. so we can move on to our witness. our witness today is dr. swagel. he became the 10th director of the cbo on june 3, 2019. he was a professor at the university of maryland school of public policy and a visiting scholar as the american enterprise institute. dr. swagel was assistant secretary for economic policy at the treasury department from 2006 to 2009. and he's also served as chief of staff and senior economist at the white house council of economic advisers. and as an economist at the federal reserve boar
debt and deficit matter. cbo warns that our rising debt will leave future generations with higher interest rates, lower incomes and a greater chance of a fiscal crisis which will lead to more painful options while we try to address it. we cannot continue running trillion dollar annual deficit forever. the longer we wait, the more severe the challenge is and challenges will be in the fewer options we have. i look forward to hearing from our witness today and there is no person representing the...
113
113
Jan 29, 2011
01/11
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CSPAN2
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this nation is experiencing an employment deficit, competitive deficit and shared prosperity deficit. the good news is addressing these deficits is the most efficient hallway to resolve the first deficit which is the budget deficit. some policy recommendations on will offer will not encourage any additional spending. i am sure that is good news to members of congress. others will require new spending to ensure the long-term health of the economy and responsible deficit levels in the future. and the limited time i have today i will focus on three items. the first item i am going to focus on is the foreclosure crisis. i am amazed by the idea that somehow the u.s. economy is going to recover when the problem that was the epicenter of the crisis in the beginning continues. for most of 2010 foreclosure filings exceeded $300,000 per month, dramatic reduction in bank repossession at the end of the year not due to the number of families unable to pay their mortgages but rather the legal problems in the banking system. more problems be setting the financial system because we didn't resolve the
this nation is experiencing an employment deficit, competitive deficit and shared prosperity deficit. the good news is addressing these deficits is the most efficient hallway to resolve the first deficit which is the budget deficit. some policy recommendations on will offer will not encourage any additional spending. i am sure that is good news to members of congress. others will require new spending to ensure the long-term health of the economy and responsible deficit levels in the future. and...
69
69
Nov 13, 2012
11/12
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is running trade deficits, current account deficits on the order of 4.5% of gdp, the government's deficit has to be at least 4.5% of gdp, or the private sector will fall below zero. every single time. okay? so here's the cbo forecast. this is what's projected to happen to the government deficit if we hit the cliff, and this is the alternative scenario. if we hit the cliff, the projection is that the government's deficit will shrink to around 2% of gdp. deficits of 2% of gdp together with trade deficits of 4.5, 4% mean the private sector is by definition going to be in the negative. we'll be running deficits. here's that same image flipped over. it's how to create the mirror image of that. it just says that if the government reduces its deficit, it is reducing the surplus of the nongovernment sector. you have to be able to put these things in context. why does it matter? what difference does it make if the private sector's in surplus or deficit? turns out it makes a big difference. the private sector's budget balance is shown here in the blue line. those gray bars are recessions. we've had
is running trade deficits, current account deficits on the order of 4.5% of gdp, the government's deficit has to be at least 4.5% of gdp, or the private sector will fall below zero. every single time. okay? so here's the cbo forecast. this is what's projected to happen to the government deficit if we hit the cliff, and this is the alternative scenario. if we hit the cliff, the projection is that the government's deficit will shrink to around 2% of gdp. deficits of 2% of gdp together with trade...